Bitcoin, Ethereum bears are back in control — Two derivative metrics suggest
Given the uncertainty in the macroeconomic environment, Bitcoin price bulls have no reason to bet against a six-week descending wedge pattern.
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Given the uncertainty in the macroeconomic environment, Bitcoin price bulls have no reason to bet against a six-week descending wedge pattern.
The recovery in Bitcoin and most major altcoins halted near respective overhead resistance levels, indicating that the bears are active at higher levels.
Traders are still tiptoeing around markets as multiple risk events remain at the forefront, but BTC margin and futures markets are starting to favor a bullish breakout.
Bitcoin and most major altcoins are selling-off on rallies, proof that investor sentiment remains negative in the short-term.
This week’s BTC options expiry could play a decisive role in Bitcoin price potentially trading below the $26,000 level.
The ETH price could come under short-term pressure due to a downtrend in deposits, reduced DEX volume market share and futures data showing traders with a bearish bias.
According to CoinShares, digital asset investment products saw outflows totaling $54 million last week.
Crypto traders expected a price reversal could use this options strategy to get positioned in Bitcoin.
Professional Bitcoin traders displayed strength after the BTC price corrected to $25,830, favoring further bullish momentum.
The debt ceiling talks remain in focus and are likely to dictate the price action in the S&P 500, DXY and cryptocurrency markets in the near term.